Business
AutoCanada Announces Sale-Leaseback Transaction With Capital Automotive
AutoCanada Announces Sale-Leaseback Transaction With Capital Automotive Canada New...
About this update from Autocanada Inc.
[{"type":"text","content":"\n\n\n\nAutoCanada Announces Sale-Leaseback Transaction With Capital Automotive\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nEDMONTON, Aug. 23, 2019\n\n\n\nEDMONTON, Aug. 23, 2019 /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX:ACQ) is pleased to announce that it has completed a sale-leaseback transaction for two properties on which three of its dealerships are located with Capital Automotive Real Estate Services Inc.  AutoCanada will lease the properties from Capital Automotive under long-term triple net leases.\n\n \n \n\n \nThe transaction provides for proceeds of approximately $20 million which will be used to repay the Company's credit facility.  In addition, Capital Automotive has agreed to fund approximately $1.8 million for capital construction requirements in respect of one of the dealerships.\nAbout AutoCanada\nAutoCanada is a leading North American multi-location automobile dealership group currently operating 64 franchised dealerships, comprised of 27 brands, in eight provinces in Canada as well as a group in Illinois, USA and has over 4,200 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC, Buick, Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, Smart, BMW, MINI, Volvo, Toyota, Lincoln, and Honda branded vehicles. In 2018, our dealerships sold approximately 66,000 vehicles and processed approximately 915,000 service and collision repair orders in our 1,157 service bays generating revenue in excess of $3 billion.\nAdditional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.\nForward Looking Statements\nCertain statements contained in this press release are forward looking statements and information (collectively \"forward looking statements\"), within the meaning of the applicable Canadian securities legislation. We hereby provide cautionary statements identifying important factors that could cause our actual results to differ materially from those proje...